DAILY: China ore prices slump as buyer interest wanes
Oct 09, 2019 19:12
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Chinese iron ore prices for both port inventories and seaborne cargoes slumped on October 9, with Mysteel’s portside iron ore index losing Yuan 18/wmt ($2.52/wmt) on day to Yuan 746/wmt FOT Qingdao including 13% VAT, the largest daily fall since August 21. Also on Wednesday, the seaborne iron ore index lost $3.7/dmt on day to reach $90.25/dmt CFR Qingdao, the largest drop since seaborne declined by $3.8/dmt on September 24.
Though some iron ore traders at ports in North and East China actively tabled offers today, buying interest among many mills weakened, with only those in urgent need of replenishing stocks being willing to buy quantities of ore. Mills contacted by Mysteel said that for now, their internal ore stocks